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] >> a new report by the tax policy center says middle class family pays $2,000 more in taxes next year if the fiscal cliff happens in january when the payroll tax holiday ends. economists discussed the issue today at the urban institute. this is an hour and a half. [inaudible conversations] i think we are ready to get started, everybody. [inaudible conversations] good afternoon. welcome to the urban institute's first tuesday. i'm editor of the tax blog, tax blocks, and we're here to discuss taxes and the fiscal cliff. washington lives in sue perlatives. everything that happens here is the biggest, the worst, or the most important. how many times, for instance, have you been told that some politician is about to give the speech of his life until he gives the next speech? the taxmeggedon has the potential to be a watershed in fiscal policy. it's true. it could be another way to kick the can down the road, but it could be a tipping point to end a decade of fiscal gridlock. yesterday, the tax policy center released a new study on the cliff, and we'll talk in details, but to summarize, it f
, everybody. as howard mentioned, a big report about the tax components of the fiscal cliff and what the effects could be on american households. i want to make five basic points that we raised in that study. the fiscal cliff really is big. it would be more than $500 billion in a tax increase. this works out to a tax increase of more than 20%, which is very large. looking at whether this would be the largest tax increase in history. for the average household, that works out to about $3,500. someone who earns around $50,000, it would be somewhere in the neighborhood of $2,000. the second point is it affects virtually everybody. close to 90% of households would see their taxes go up. there are a few folks out there, primarily older seniors and citizens who do not have children who might not be affected, but the vast majority of american households would be affected by going off of the cliff. the first order for business is running through what the effects will be. those of you in the room have a handout that summarizes things. those of you at work and at home should be able to find thi
. governor romney has a perspective that says if we cut taxes skewed toward the wealthy and roll back regulations, we'll be better off. i have a different view. i think we have to invest in education and training. i think it's important for us to develop new sources of energy here in america. that we change our tax code to make sure that we're helping small businesses and companies that are investing here in the united states. that we take some of the money that we're saving as we wind down two wars, to rebuild america. and that we reduce our deficit in a balanced way that allows us to make critical investments. now, it ultimately is going to be up to the voters, to you, which path we should take. are we going to double down on the top down economic policies that helped get us into this mess? or do we embrace a new economic patriotism, that says america does best when the middle class does best? i'm looking forward to having that debate. >> governor romney, two minutes. >> thank you, jim. an honor to be with you and pleased to be with the president. i'm pleased to be at the university
institute for a discussion on the scheduled tax increases the percent to hit in january, including the end of the bush era taxes, payroll tax holiday hikes and invested in come also. a new tax policies and to report says nothing is done. average marginal tax rates would go up by five percentage points on labor income, seven points on capital gains and more than 20 points on dividends. along with more than a trillion dollars in budget cuts. also starting january or known as the fiscal cliff. it should get under way in just a moment. [inaudible conversations] >> good afternoon, and welcome to the urban institute's first tuesday. my name is howard gleckman of the tax center blocks and we are here to discuss taxes in the fiscal cliff. as you all know, washington lives everything that happens here is the biggest or the worst were the most important. how many times for instance have you been told some politician is about to give the speech of his life until he gives the next speech. the tax armageddon has the potential to actually be a watershed in the fiscal policy. true it could be another opp
, downloading a dividend? what will apple do with its huge war chest and potentially devastating tax hikes? we'll drill to the core straight ahead. >>> and you heard it here first. >> look what mark did when he was at hp. people forget how much trouble hp was in when he took over. hp without mark herd, hp with mark herd, hp without mark herd. >> oracle's larry ellison said it here exclusively yesterday. today, hp gets hammered. another reason why "closing bell" is must-see tv. >>> and the man with the plan. mitt romney briefly unveils his version of tax reform ahead of tonight's presidential debate. but will it work to close the gap in the polls? we'll break it all down right here on the "closing bell." when you take a closer look... ...at the best schools in the world... ...you see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level. let's develop more stars in education. let's invest in our teachers... ...so they can inspire our students. let's solve this. >>> welcome bac
. the basically believe if we spend another $5 trillion on tax >> don't boo, vote. >> >> he has one thing he did not do in his first four years, which is to raise taxes. is there anybody who thinks raising taxes will help the economy? his plan is to continue what he has done before. the status quo has not worked. we cannot afford them a more years of brought the bomb. >> wednesday, president obama and mitt romney meet in their first presidential debate. watch and engage with c-span. post debate, your reaction, calls, e-mails, and tweets. >> not a debate between former wisconsin governor tommy thompson and u.s. rep tammy baldwin. this debate is hosted by the wisconsin broadcasters association. the cook political report raised his race a tossup. this is one hour. >> good evening. radio and television broadcasters are pleased to continue our public affairs broadcasts tradition began in 1990 sponsoring debates in major political campaigns. the debate will be broadcast over 80 wisconsin television stations. this evening's debate will engage the two leading candidates in their first face- to-face deba
, for that matter, those two. to finance a big across the board tax cut but not tell us how. not what big across the board deductions he'll deny people in order to pay for it or even what taxes he's been paying himself over the years. or how he'll finance all those popular things in the president's health care plan once he kills the plan itself. lots of secrets. secrets because he himself has no earthly idea what the answers are. i'm joined by democratic strategist bob shrum and salon's joan walsh. first, however, we have two new national polls on the presidential race. let's check the "hardball" scoreboard. according to a new "washington post"/abc news poll, president obama has a two-point lead holding there, 49%/47%. same score in the new politico poll. obama by two, 49%/47%. "the new york times" this weekend reported on the two campaigns' ongoing debate preps. here is what they said about romney's prep. quote, mr. romney's team has concluded that the debates are about creating moments and has equipped him with a series of zingers he's memorized and has been practicing on aides since august. b
. david: also one of america's greatest living economists tom sowell will join us with his take on the tax debate we'll hear about tonight. lauren: we'll tell you what drove the markets today with the data download. stocks edged higher on stronger than expected economic reports. all three major indices closing in the green but well off of session highs. eight of the 10 s&p sectors posting gains. telecom and consumer discretionary were the top performers today. we saw fallback in energy as well as materials. those lagged. the payroll services firm, adp, said the economy added 162,000 private sector jobs last month. that topped estimates of 143,000. now the august number, that was revised down by 12,000 to 189,000. of course we have to look ahead to the big government jobs report to flesh this all out on friday morning. >>> the services sector that expanded at its fastest pace in six months in september boosted by a pickup in new orders. the institute for supply management nonmanufacturing index that looks at 18 services industries increased to 55.1 last month from 53.7 in august. david: all
been running around the country for the last year promising $5 trillion in tax cuts that favor the wealthy, the fellow on stage last night said he didn't know anything about that. the real mitt romney said we don't need any more teachers in our classrooms. but don't boo, vote. but the fellow on stage last night, he loves teachers. can't get enough of them. the mitt romney we all know invested in companies that were called pioneers of outsourcing jobs to other countries. but the guy on stage last night, he said that he doesn't even know that there are such laws that encourage outsourcing. he's never heard of them. never heard of them never heard of tax breaks company for companies that ship jobs overseas. he said if it's true, he must need a new accountant. now, we know for sure it was not the real mitt romney because he seems to be doing just fine with his current accountant. so you see, the man on stage last night, he does not want to be held accountable for the real mitt romney's decisions and what he's been saying for the last year. and that's because he knows full well that
's why he cut taxing for families and small businesses. balls we believe that teachers and firefighters should not be paying higher tax rates than millionaires and billionaires, not in america. [applause] he got the all the industry back on its feet and today new cars are rolling off the line at proud american companies like g.m. and yes, while we still have a long way to go to rebuild our economy, understand we have had 30 straight months of private sector job growth, a total of 5.1 million new jobs under this president! good jobs. right here in the united states of america. [applause] let's talk about the health of our families. see, barack didn't care whether health reform was the easy thing to do politically. that's not who he is. he cared that it was the right thing to do, and thankfully because he fought for health reform, today our parents and grandparents on medicare are paying hundreds less for their prescription drugs. our young people can stay on their parents' insurance until they're 26 years old. [applause] insurance companies now have to cover basic preventive care. things
plans to pay for $5 trillion tax cut by only eliminating deductions. >> there's an option. you could say everybody is going to get up to a deduction and you could use your home mortgage deduction or others, health care deduction and fill that bucket, if you will, the $17,000 bucket that way and higher income people might have a lower number. >> at least the plan has a name. it's the bucket plan. mitt romney will cap deductions at $17,000 for all americans. is that good for the middle class? do the math. for rich americans, the cap, it just might be lower than that. he was very vague on that point as well. the big problem with romney's bucket plan besides being hilarious is it would only cover $1 to $2 trillion of the $5 trillion tax cut. that's according to the tax policy center. they figured it out. even when romney gives specifics he doesn't answer the questions. e we still don't know how he plans to pay for the tax cuts without hurting the middle class. paul ryan is sticking to his reason for not giving any specifics to chris wallace on fox news. he said he had no time. >> i'm going t
have taken on issues. we have cut spending, balanced our budget, and we provided tax relief. that is what we do in nebraska, and that is what we need to do in washington. nebraskans are saying enough. they are ready for real change we need to have somebody there who is going to take the nebraska way to washington, and i promise that is what i will do. >> let me assure you that i am still bob kerrey. i looked a little different than i did before, hopefully a little wiser. you know me, you know i went to war, came to nebraska and started a business. i was your governor when we had a recession, and we came through for you. i was your senator when the nation had a recession, another large deficit. we got the job done. i am a candidate because washington is a mess. both parties have made commitments that we cannot keep, and nobody wants to do anything about it. i promise to go to washington to change our congress, and i promise to work with republicans to get our budget balanced so we can set a different course. my opponent promises more of the same. she signed a pledge at that w
and in this country, taxed more. if you tax small business, they are not going to hire. i don't know how you don't figure out what mr. romney so eloquently said in that debate. talking about politics of the 1% or the 47%, conservatives want the best for all folks, and yes, we mean thewe don't want them trapped in poverty. we want them married, paying their taxes -- host: we will get katrina vanden heuvel's response. guest: yeah. listen, if marriage will promote the well-being of the couple, children, great. but in my mind, it is and not just that. that is too simplistic. it is part of the equation. without good jobs, without ensuring that workers have rights and a time -- at the time when big business is so powerful, without doing small things that happened around this country but have taken too much effort, giving women, families early child care, the sense of a community coming together to lift up families, marriages not sufficient. to reduce it to that is too simplistic. no one is saying marriage isn't important. it is not the only a factor in building a family that is doing well. the fact th
they don't want debates over you're going to rai taxes, you're not, 47% comments said at fund raisers. they want specific actionable items. >> the t-shop owner we spoke to, so frustrated about obamacare. she wanted new proposals put on the table. and it is heartening. these are folks who are undecided because they're taking their time to make up their mind and they're doing it as he had aggravate indicated voters. >> john avlon, thank you very much. >>> next, what should we expect president obama and mitt romney to say tomorrow night? are they going to take the advice of those swinging voters? well, officials from both campaigns, outfront. >>> plus, a lot ridinging on the debates and we're not talking about courting voters. we're talking about money. i mean incredible amounts of money. we'll be back. chevrolet malibu eco. ♪ sophisticated new styling, the fuel-saving intelligence of eassist, 37 mpg highway, and up to 580 highway miles on a single tank of gas. ♪ the all-new 2013 chevrolet malibu eco. ♪ it has everything to put you in the malibu state of mind no matter what state
they don't want debates over you're going to raise taxes, you're not, 47% comments said at fund raisers. they want specific actionable items. >> the t-shop owner we spoke to, so frustrated about obamacare. she wanted new proposals put on the table. and it is heartening. these are folks who are undecided because they're taking their time to make up their mind and they're doing it as educated voters. >> john avlon, thank you very much. >>> next, what should we expect president obama and mitt romney to say tomorrow night? are they going to take the advice of those swinging voters? well, officials from both campaigns, "outfront." >>> plus, a lot riding on the debates and we're not talking about courting voters. we're talking about money. i mean incredible amounts of money. we'll be back. now, that's what i call a test drive. silverado! the most dependable, longest lasting, full-size pickups on the road. so, what do you think? [ engine revs ] i'll take it. [ male announcer ] it's chevy truck month. now during chevy truck month, get 0% apr financing for 60 months or trade up to get the 2012 c
worse economic news again. we saw that corporate tax has dropped by about a third from precrisis levels, basically small businesses are just not growing in this environment and big businesses are chasing profits abroad. so the government is just not getting the tax take on that front. in the asset classes, you can see some of the levels not that good at the moment. bundes still attracting a lot of attention. we've been waiting on spain to fishlgly l-- officially ask fo that aid. nonetheless, we're not seeing too much pressure on the periphery, 5.75%. let me send it back to you. >> thank you very much. the first presidential debate. john harwood is on the ground in denver. he joins us with the latest nbc news "wall street journal" poll. it looks like things are starting to even out at least a little. is this the bounce that president obama got after the democratic convention coming back down? >> well, i think it's the bounce from the convention and the surge that he got on top of the convention with that 47% video, so there is some good news for romney. not only our national poll, but a
that the 47% of the american people who don't pay income tax just want to hang around, be dependent on the government and, you know, we just had to wean them off of that. because they didn't want to pay income tax. now, a guy with a tax account in the caymen islands is attacking other people for not wanting -- you have to give him credit, like i said. >> i love it when they put it together. when they put it together, this guy, bunch of bumz that don't want to pay the taxes and then a guy with a quarter billion dollars stuffing it offshore. bill clinton, your guy. you taught him, didn't you? >> i taught him everything he knows. no, he really has had a great moment of framing these questions. and of putting this into terms that ordinary voters can understand and relate to. framing the question -- >> i could understand him. i never thought of putting those two things together like that. the fact these bums don't want to pay tax and the richest guy in the world is avoiding tax. >> bill clinton has the best peripheral vision in the history of politics. he knows how to do it. clinton uses
tax plan without blowing up the deficit or sticking it to the middle class. that's the math . we can't afford to go down that road again. >> steve: so the day after his terrible performance even the new york times called him president xannex. they have gone in damage control mode . they were portraying romney as an extremist and now back to romney is a flip-flopper and a big fact liar . >> brian: i thought the senator was right when team obama got a earful. the strategy was to lay back and not make major mistakes. governor romney will be a true choice. he defined himself as competent and capable . he was making himself relevant and holding the job. that's what you walk away . he undid over two million worth of advertising. >> gretchen: he had a answer about the five billion, trillion argument that the president said. he said that is not my tax plan. and you can see the difference when they are on a stage together going after each another and back out on the stump. on the stump you can say whatever you want. these are people supporting each cand date. this is a moment romney respondin
and feeding off taxpayer money and not doing their job. .. and to close at, what is taking a 15% tax increase or we would have to reduce our personnel by 10%. that is 40 out of 400 employees would have to let go. so for the last 10 months, this is in my largest haul. i've the market every day in the budget turned to come up with creative ways to increase revenue, creative ways to reduce costs. we have a laundry list of initiatives. and yesterday, i propose my budget proposal for the next year that will close the $3 million deficit with only three layoffs in the 2.7% tax increase. a full percentage point below the average of the last four years. back on about 12 likes on facebook. i got some presidential, 500 likes on facebook. this'll be a real head, sherry. >> sometimes a refresh. there must not be reading it. >> but it is as a tool, the important conversations, those have to have when you have so much attention. they can give you their attention. you can give them yours. there is no push but my to replicate that. but as a forum, to share the implications and sometimes to allow a dialect to
caucuses control their own taxes. republicans, their caucus would control all the taxes that republicans pay, and we republicans could pay for all the b.t. bombers and the infrastructure, all the things that we want, and the democrats can take all of their taxes they collect and pay for the social programs. and then, in the middle, all the sings that we both absolutely agree on, we just cut it in half and pay for that and then that way the things that each other don't like, both sides, we'd be able to pay for their own things that they want. host: that is a very interesting way of looking at taxation, randy. we're going to continue our conversation about one party versus divided government with paul. paul is calling from wisconsin. he's on our line for democrats. go ahead, paul. caller: hey. yeah, i definitely believe in a one-party system. i think if barack obama would have been able to get his policies throughout, his unemployment rate would probably be about 7% with all them jobs programs. you know, the republicans were trying to do everything they can to stall the economy so they can
about the tax cuts for the millionaires proposed by romney and ryan's budget plans. he was a guest on fox news sunday with chris wallace and the vice presidential candidate made some missteps of his own. >> how much would it cost? >> it's revenue neutral. >> i'm just talking about -- the cut in tax rates. >> it's lower, all americans tax rates. it's revenue neutral. >> it's not unless you take away the deductions. we're going to get to that. the first half. lowering the tax rates. does that cost $5 trillion? >> no. >> the master of the power point was having a hard time making a point. let's break down what paul ryan is actually saying here. romney and ryan will give $5 trillion in tax breaks to the wealthiest americans. subtract an unspecified amount of money of unnamed deductions. somehow you're going to get a revenue neutral tax plan. it's a plan so bogus not even a fox news host can understand it. >> you haven't given me the math. >> i don't have the -- it would take me too long to go through the math. >> paul ryan, paul ryan, if you want to be a heartbeat away from the preside
. what about yours? what are the specifically the tax deductions you will take away from rich people? i don't think he will answer the question. >> andrea: romney cannot play it safe. if he plays it safe, forget the next debate. >> eric: romney has to play it safe. there are five topics. the first three are the economy, the economy, the economy. great news for mitt romney. lay it out. >> bob: what would it be? >> eric: lower, across the board, 20% tax cuts across the board. closing loopholes. lay it out. turn to president obama. if he has a chance to say we know yours don't work. look at what is going on. household incomes are down $4,500 per household. net worth down 30%. gasoline prices doubled. i'd do it for three blocks. >> bob: you think romney ought to lay out what the deductions are? >> dana: no. >> eric: you know, well, whatever. sure, why not, why not say here, we'll post loopholes on xyz. that's fine. it won't hurt. >> greg: we end up talking about loopholes all the time. mitt will lose. there are huge issues here. i go back to benghazi. you go to high unemployment. there is s
economics. they think if we spend another $5 trillion on tax cuts that favor the very wealthiest -- >> [booing] >> don't boo. vote. vote. >> one new idea. there is one thing he did not do in his first four years, raising taxes. is there anybody that thinks raising taxes will help the economy? his plan is to continue what he has done before. the status quo has not worked. we can't afford four more years of barack obama. >> president obama and governor romney meet in their first-ever presidential debate. watch and engage including the live debate preview at 7:00 p.m. eastern with the debate at 9:00 had posted the day. -- and post-debate. >> i was always shot as anybody that spent a lot of time around campaigns, most people could not explain to me why they did anything they were doing. at some point, they did it because they have always done it that way or there was some sort of role that wasn't really based in any research. i went around the campaigns with skepticism about some of the practices that were taking place. as i learned about people that were doing these field experiment
or if we do have more onerous tax policy for hiring consumers we're not really seeing any sort of a discount valuation in the luxury goods retailers. so i think that that's norris, that might be. >> there was a cheer down here when they saw your forecast for 1600 on the s & p. they hope you're right certainly. thanks for joining us. appreciate it. >> thanks for having me. >>> now to jackie with market flash. >> good afternoon, sue. i've got one to watch right now. it's all scripts. it was halted on reports it was exploring a sale to private equity. it resumed trading. you can see the spike there. up more than 15% at this point. 1249 or 1.61 some pierce are also up on the day. athena health, turner, quality system. you can see those percentage gains on a day we're trading lower so really bucking the trend. tyler. >>> bank of america agreeing now to settle a record-breaking class action lawsuit with the ohio attorney general for $2.4 billion. the suit covering investors who purchased bac securities at the time the bank announced plans to acquire merrill lynch. bank of america's c
's automatic tax increases and you look at the numbers and i'm sure-- if these things happen, you are going to have a government-created recession. >recession. >> schieffer: what do you think, newt gingrich? do you think the democrat and republicans will be able to get together after the election? because that seems to be the only chance that this might happen in order-- >> that will depend a lot-- whoever wins the election has to spend the first 60 days prior to being sworn in reaching out to the other party. i mean, this is-- where we are right now is utterly, totally irrational. and i think whether it's president obama, who would have to fundamentally change his strategy, or governor romney who din fact, work with democrats when he was the governor of massachusetts, whoever is president, if they're serious about solving this, has to reach out. i want to make a deeper point which is what michelle has been doing. it isn't enough to talk about bigger or smaller. we need a scale of innovation in getting these things to work. it's not about a cheaper or more expensive public school system but
nations. a lot them are pretty stupid at the united nations. they can tax your patience especially when they tax your wallet. are you ready ? share everything by turning your smartphone into a mobile hotspot for up to 8 wifi-enabled devices at no extra charge. like the new droid razr m by motorola only $99.99. i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, it could save you thousands in out-of-pocket costs. call now to request your free decision guide. i've been with my doctor for 12 years. now i know i'll be able to stick with him. you'll be able to visit any doctor or hospital that accepts medicare patients. plus, there are no networks, and you never need a referral. see why
. zero instances of voter fraud in pennsylvania. there is no reason to be implementing poll taxes at the time so close to an election. we are hoping for a favorable ruling. we are also on the ground educating people on how to get their ideas as best as they can. the lines at the penndot are two, three, four hours long. disabled people are unable to get the new form of i.d. we hope that judge simpson rules favorably and strikes down this law. >> brenton, you have been all over this from the beginning. i have been following your stories, today in voter suppression. when i hear that the penndot offices are giving out all of this bad information, i'm assuming they are not part of some grand conspiracy. they are just front line workers that can't keep up with the rules. is that right? what are the real challenges to making this at all fair? >> well, consider when the common wealth court hearing started on tuesday. the latest iteration of rules had come down to the penndot workers literally that morning. there was testimony in court that at 7:45, that morning, that a memo went out to th
, being a tax cheat, swiss bank accounts, all that kind of stuff, can be rebutted. >> sean: what obama will say -- thus this will be mostly on the economy. obama will say, it's getting better. that was the recovery summer of 2010. >> but romney -- there were a whole lot of people right now who want to vote for romney. want to vote against obama. but they don't want to vote for romney because of all the negatives obama's piled on them which has not been answered. they're sitting on one side waiting for permission to jump over and vote for romney. in the debate, that he's not a monster, that he's a man of integrity and defending himself on this stuff, can absolutely encourage them to jump over and make it possible for them to do that. >> sean: what a joke all weekend, watching the obama people trying to lower expectations. >> yeah, right. >> sean: 2-1. >> let's par remember that most debates work in favor of the challenger. the challenger walks on and does a good job, like reagan did against carter, all the fears of him go away. carter against gerald ford in 1976. mondale against reagan
to a familiar theme, but does he need to do more? >> i will lower the tax rate. he wants to creat to raise them. i'll create jobs and he'll kill them. also marsha blackburn, bob shrum, and larry sabato from the university of virginia center for politics. as we head into first presidential debate, we'll talk about the state of america at home and abroad with the distinguished panel. michelle rhee, former head of the washington, d.c. school system and founder of students first. economist mark zandi of moody analytics. bob woodward, author of "the price of politics" and hendrick smith, author of the new book "who stole the american dream?." it's all ahead on "face the nation." captioning sponsored by cbs from cbs news in washington, "face the nation" with bob schieffer. >> schieffer: and we welcome now to the broadcast new jersey governor chris christie. governor, thank you for being here. governor i have to start off by saying i don't hear very many republicans these days who think mitt romney is doing very well. what's your take here? >> well, he's had a tough couple of weeks. let's be honest. i
europe, spain is auditing its banks and france is talking about huge taxes on its wealthy. >>> we've got the inside scoop on the big bank market scandals and investor confidence. >>> and avoiding the fiscal cliff. what washington budget battle and tax policy could be doing to the economy. national bureau of economic research president james peterma is here to explain. >>> plus, it's a smartphone showdown. could the latest results have blackberry maker research in motion gaining ground on apple? get the information behind the numbers. the second hour of "squawk box" begins right now. >>> happy friday, everybody, i'm becky quick along with andrew ross sorkin and joe kernen and here's your line-up for the final day of the trading week. we'll kick things off with "vanity fair" contributing editor and cnbc contributing editor beththy mcclain. and we'll talk about the chances of the u.s. slipping back to recession with ceo and professor james poterba, we heard things from an analyst that gave us scary thoughts. at 8:00 eastern time the ceo of research in motion joins us in a first on cnbc inte
with him, sitting next to him, not having dinner, sitting next to al gore is taxing. it is really unpleasant. we asked him what was going on in the white house and he said 1%. i believe it is higher. but if we step back, we often don't know what is going on. that is the dilemma. i want to talk briefly and then answer questions about her new book that i have done, which is just out, called the price of politics. it is about 3.5 years of negotiations between the obama white house and the republicans in congress and the democrats. how they essentially tried to bring the federal government's financial house to some kind of order. the answer is they failed. we have a federal government whose financial house is in total disorder, total disarray. it is a historic problem. to try to put it in english, we have a trillion dollars of iou outstanding in the world. the negotiations, they agreed to raise what they call the debt ceiling, so the government can borrow a couple more trillion dollars. we are going to run it run out of that borrowing authority january or february of next year. they'r
direction. >> you know, in a lame duck session of the congress we had this big discussion about the bush tax cuts. the republicans are so far off their game right now their reaction today should have been well we told president obama to extend the bush tax cuts. you can't raise taxes on the job creators. they don't even know their own talking points. what do they do now? they come out and accuse the president and the bureau of labor statistics of cooking the books. what is the new 7.8 unemployment mean for obama's campaign strategy moving forward to get him re-elected? >> well, it gives him an opportunity to really paint the picture that we didn't do, he didn't do effectively in the debate. to me, now the stakes for the next debate become really critical. the president is a town hall format. the president needs to go in there and not allow governor romney to set the debate or control the debate or use facts that aren't real. he needs to sit there and look governor romney in the eye and say listen. you sit there and tell the american people they're not better off. tell the 5 million people th
/ryan tax plan will raise taxes on middle-class families with a child, one or more children, by an additional $2,000 a year. how -- all kidding aside, with all the boos, look, guys, this is deadly earnest, man. this is deadly earnest! how they can justify, how they can justify raising taxes on the middle class that's been buried the last four years, how in lord's name can they justify? >> god bless him. >> mark mckinnon -- i love him. mike, we love him. we love him! has anybody not told him, they've been in the white house for the past four years? buried? the middle class has been buried over the past four years. >> joe, i am being deadly earnest now, man. deadly earnest. okay? on how anybody -- how anybody can attempt to bury the vice president is beyond me. >> i'm not trying to bury him. i got a good laugh out of it. mark mckinnon, you think we may hear the middle class has been buried over the past four years? >> 47%, especially tonight. >> and it's fresh. >> it's fresh, it's new, it's relevant. the one other thing i'd mention, joe, just look at the general mood of the co
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